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Author Topic: Bitcoin is neither a currency nor a store of value !  (Read 1586 times)
Blacksou
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September 14, 2017, 02:27:24 PM
 #1

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.
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September 14, 2017, 02:29:50 PM
 #2

You registered just to say that?

It is obvious to me that somones are trying hard to bring prices down and buy a whole lot of btc for themselves. Must be the rich who missed their chance to take the ride earlier.

Makes me buy even more btc myself. If the rich do it, it must pay off eventually.
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September 14, 2017, 02:38:32 PM
 #3

Well, you are wrong, because anything that can be exchanged for goods or services is a currency. This could be sea shells, as it has been in the past.

The sales on my website tell a different story, as people are indeed using BTC as a currency, and purchasing tangible goods with it.

As in regard to a store of value, this is also incorrect, as it has certainty been a store of value for many. I have been around on these forums, since before the times of $1 BTC. I think to these people, it has been an amazing store of value.

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September 14, 2017, 03:04:32 PM
 #4

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.


It's obvious that Bitcoin is not a great store of value right now due how volatile it is, and it's even more obvious that it is not a great currency due how (also) volatile it is, but notice that the volatility is due the marketcap being tiny for its potential.

Once BTC is worth +1 trillion marketcap, it's going to be way harder for FUDsters to cause market crashes. So if you have some perspective, you must see the current volatility as a sign of how it's still very early on in the game and long temr holders will get rich.

Similarly, once we get lightning network, we will have instant cheap transactions under trillions of a marketcap to make it less volatile: it will also be the ideal currency.

Miners selling to cover mining resources is not enough selling pressure to not allow it to grow. Also im sure in the future miners will be able to pay electricity costs in Bitcoin directly.
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September 14, 2017, 05:35:44 PM
 #5

It is currency, I can pay my bills using it if I want to, I just prefer to convert is first. Yes, because of that volatility. Also why it can't be considered a surely secure store of value, at least if you want the value to stay the same. Still, even with fluctuations, it still does go up.

It'll only really stabilize once it's all mined out. And do you even know what a Ponzi is?
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September 14, 2017, 05:57:45 PM
 #6

Well, you are wrong, because anything that can be exchanged for goods or services is a currency. This could be sea shells, as it has been in the past.

The sales on my website tell a different story, as people are indeed using BTC as a currency, and purchasing tangible goods with it.

As in regard to a store of value, this is also incorrect, as it has certainty been a store of value for many. I have been around on these forums, since before the times of $1 BTC. I think to these people, it has been an amazing store of value.
Yes, I would rather agree with you, because it is senseless to say btc is a scam nowadays. It definitely is a currency, even though a very volatile one. We also have other coins which have some improvements, but who knows which problems they would experience if they were used to so many people. As for the store of value, it is even stated on wikipedia that cryptocurrencies count on this matter.

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September 14, 2017, 06:12:44 PM
 #7

I don't agree with you but I guess the attitude it's about point of view and experiences. Everyone has the right to its own opinion. I use Bitcoins as a currency, I pay for goods and services with it so I consider it to be a currency. And if Bitcoin is a scamw, than a very big mumber of people around the world is very stupid and naive but I don't think anyone of them would agree with that statement.

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dmamigo
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September 14, 2017, 07:05:28 PM
 #8

Bitcoin is not a currency but a crypto currency, and I don't know how you can claim nobody will trade as its volatile, rather for this many people likes to trade with BTC. And people do use it as a currency and transact, not holds as an asset.
And about store of value, yes I know its not stable as you mentioned some physical assets like gold, silver, but its been similar, just thats its volatile.
But still you are wrong, if Bitcoin doesn't have store of value, you are simply been ignorant, if I still exempt the statistics.

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September 14, 2017, 07:12:50 PM
 #9

It's volatile because it's in the early stage. In a typical country you have like 50 million people using fiat currency every day. Compare that to the current state of BTC.
As for the store of value, it's a great one. If you choose any year between 2009 and now and imagine you have decided to store your money in BTC, you could pick that wallet now and see that not only your money is still there, but you've made a lot during that time. You've even gained some free BCC! Wink

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xCryptoManiaX
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September 14, 2017, 07:37:43 PM
 #10

Damn, all that FUD just to bring Bitcoin down. With China and the bankers FUD atm its working pretty well sadly.

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September 14, 2017, 07:49:42 PM
 #11

Lol, the fudster spelled god instead of gold.
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September 15, 2017, 11:58:18 AM
 #12

The goal of any currency is to maintain its value constant at least on the short term for the people who are using it and Bitcoin cannot achieve this with a fixed quantity of tokens. You can call it a collectible item like stamps or trading cards or consider it as some form of cybernetic art but please don’t call it a currency!

It is also not a store of value as it doesn’t produce useful work. No work = no dividend = stay away from it!

I’m not an anticrypto, I think Bitcoin is a great experiment but a failed one and hopefully we can design a proper crypto currency.
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September 15, 2017, 12:29:56 PM
 #13


It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day!

If you're talking about simple purchasing of an item, then you're right, the possibility of a %10 fluctuation would be a problem. That's why no online shops are accepting bitcoin as payments and should not. But you can still use it on other transactions.

Quote

And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

Well, no one is gonna argue with you on this one.

I get where you're coming from, but you have to understand that bitcoin was not designed to replace your regular fiat currency. Being decentralized, we are already aware that the price of bitcoin would depend largely on the demand of the users. Bitcoin has proven itself for years now and you can't just disregard that, it's proven to be a really great investment.
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September 16, 2017, 07:05:40 AM
 #14

Good for you as that is your own opinion which we both know you are trying so hard just to paint bitcoin black. Waste of space! 2 activity, 2 posts and that is the first thing you came to this forum just to drop ?
You are sure really doing a good job all over the internet to drop the price for your own good. It is working as gullible people are falling for it.


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September 16, 2017, 08:32:00 AM
 #15

bitcoin is current because you can buy it sell it and have value
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September 16, 2017, 08:41:17 AM
 #16

Good for you as that is your own opinion which we both know you are trying so hard just to paint bitcoin black. Waste of space! 2 activity, 2 posts and that is the first thing you came to this forum just to drop ?
You are sure really doing a good job all over the internet to drop the price for your own good. It is working as gullible people are falling for it.
I agree with you that this man are trying to paint bitcoin black because I think this man are also wanted to buy Bitcoin at low price but the community of bitcoin is huge now and stronger that cause the market not to fully affected if their is a news that are wanted to down the reputation of bitcoin.

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bitjoin
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September 16, 2017, 09:24:46 AM
 #17


Why does bitcoin have to tick boxes in such an exact way to work? When the internet first began it wasn't a reliable way to transfer high quality information or how about the invention of the car, they thought the horse and cart was more reliable - cars looked like a scam.  New technology breaks the previous mold. 

Fiat has inflation rates of 2%+ right now its losing value fast in your hands. Gold is a good store of value but hard to move. 
PokerFace3
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September 17, 2017, 09:07:46 AM
 #18

You registered just to say that?

It is obvious to me that somones are trying hard to bring prices down and buy a whole lot of btc for themselves. Must be the rich who missed their chance to take the ride earlier.

Makes me buy even more btc myself. If the rich do it, it must pay off eventually.
Did not even know someone is thinking the same thing I was thinking. The guy opened an account on this forum and the first thing he sat down on his PC or smartphone to type was this jargon! Like you said, some wealthy people are sure doing a hell of a job to buy very cheap and it is sure one good reason why we should be more happy.
The_prodigy
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September 17, 2017, 09:15:10 AM
 #19

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.


If it is a scam well it is elaborate ajd well thought to scam and give profits to a lot of people already using t. Yes it is volatile but so is the stock market. There are many valued money that are volatile and impacted by change and various factors and btc is no different.

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September 17, 2017, 09:35:46 AM
 #20

Bitcoin is not a currency.
I agree with one of your points but even if bitcoin is volatile, it is still a currency. Why say that bitcoin is not a currency if it is tradeable to real money? It can also be used to buy some items online so it is still a currency. Also you can't call something as scam just because of it being volatile.  Stock market is volatile too so I think it is quite normal for btc to be volatile considering it is still in it's early ages.
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